The new year is well and truly on its way and we hope you’ve had some great celebrations. Research shows that a lot of us make plans and goals, that we wish to achieve in the New Year. Most of us plan to get fit and more active, some plan to be more organised and save money and others plan to start up their own business and be their own boss.
This is the best time to plan as the New Year brings a fresh start. We talk about the best tips that anyone would benefit from. Whether you’re starting up as a business, or have been running your business for many years, you need to plan and motivate yourself for what the year is to bring.
What’s your business idea? Is there a gap in the market you can exploit? Or can you add an additional service to what you are offering? If you’re having difficulty, then involve friends and family to brainstorm some ideas. You never know, they may just add the final touch to your brilliant idea.
An essential part of your business, as mentioned before, is to have a plan. If you intend to apply for funding, then you’ll need a business plan. If you have an idea or thoughts, write it down. As written ideas are more likely to be achieved than ideas still in your head.
You should have a separate business bank account from your personal. This will ensure that all your incomings and outgoings are spot on when submitting your tax return. As under declaring can give you a nasty surprise in the future. We see a lot of clients who mix their business expenses and income in with their personal expenses. Separating personal and business banks will make things a lot clearer and a lot of help for your accountant too!
Another tip we strongly recommend is to keep documents of purchases. You can’t claim for expenses if you don’t have the documents. We see it way too often, a brand-new piece of machinery bought for business, but when it comes to doing the tax return, the document is nowhere to be found.
Create a folder where you can store your documents straight away or maybe plan a day in the week which you will do your filing. If you don’t like paper, then you can always store your documents electronically online. Xero accounts software allows you to directly scan documents from an email if you prefer.
Whichever route you choose HMRC do always spot check small businesses, so be a step ahead and organise your records.
The most important tip is to always strive for that customer service excellence. Keeping your customer happy will help you grow and prosper. These will help improve your business as word of mouth is a powerful tool.
Pass that great skill onto your staff too as if they see you are great with your customers, they will follow suit. It doesn’t have to be you doing everything. Quite offset we see the staff being one of the greatest assets in maintaining customer loyalty in the long term.